The Apple ecosystem of products doesn't usually include plastic. But according to reports, the maker of iPhones, smartwatches, ultra-thin laptops, and dongles could start offering its own credit card by springtime.
The Wall Street Journal writes this week that Apple is partnering with investment mega-bank Goldman Sachs to offer a credit card "paired with new iPhone features that will help users manage their money." The card's biggest sell is its integration with the Apple Wallet app, which enables a host of electronic payments and transactions through Apple products. Per the WSJ, new offerings tied to the card and app combo will help users "set spending goals, track their rewards, and manage their balances."
Hard details on the card itself are still forthcoming, but reports do contain the words "2 percent cash back." The Verge points out that both companies are looking for ways to expand their revenue streams. Apple, for instance, has seen its biggest drop in iPhone sales since 2016 — more than significant, considering smartphones bring in more than 60 percent of the company's revenue.
This credit card won't make up the difference for the company, and this isn't even the first time Apple has ventured into these waters; you can still apply for a Barclaycard Visa on the Apple website. Given the credit card industry's waffling on rewards in general, however, this may seem like a better bet. Overall, Apple seems hopeful about its forays into personal finance. "If the Apple Watch's rings are an attempt to help you improve your physical health," writes the Verge's Jon Porter, "then this card could do the same for your financial health."